Ladies and gentlemen, good day and welcome to Manappuram Finance Q4 FY 2026 earnings conference call hosted by Motilal Oswal Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhijit Tibrewal from Motilal Oswal Financial Services. Thank you. Over to you, sir. Yes, thank you, Yusuf. Good evening, everyone. I am Abhijit Tibrewal from Motilal Oswal, and it is our pleasure to welcome you all to this earnings call. Thank you very much for joining us for the Manappuram Finance call to discuss their Q4 FY 2026 earnings. To discuss the company's earnings, I am pleased to welcome Mr. V.P. Nandakumar, Managing Director, Dr. Sumitha Nandan, Executive Director, Mr. Buvanesh Tharashankar, Group CFO, Ms. Bindu A.L., CFO, Mr. Manoj Pasangha, Co-CEO Asirvad Microfinance, Dr. Roy Varghese, Co-CEO Asirvad Microfinance, Mr. Rajesh Namboodiripad, CFO Asirvad Microfinance, Mr. Kamal Parmar, Head of Vehicle and Equipment Finance, Mr. Rakesh Sharma, Co-CEO Manappuram Home Finance, Mr. Suveen P.S., Co-CEO Manappuram Home Finance, and Mr. Robin Karuvely, CFO Manappuram Home Finance. On behalf of Motilal Oswal, we thank the senior management and the investor relations team of Manappuram Finance for giving us this opportunity to host you today. I now invite Mr. Nandakumar for his opening remarks. With that, over to you, sir. Thank you, Abhijit. Good evening, everyone, and thank you for joining us for Manappuram Finance Q4 and full year FY 2026 earnings call. I sincerely appreciate your continued engagement and support. Today, I'll briefly share our perspective on the operating environment, key highlights for the quarter and the year, and our strategic directions as we enter FY 2027. Amidst geopolitical tensions, the fourth quarter of FY 2026 marked a relatively stable operating environment for the NBFC sector. Though the macroeconomic indicators continue to show resilience, supported by speedy consumption trends, improving rural demand, and stable credit growth, it is tempered by the headwinds arising from the geopolitical tensions, such as inflationary tendencies, likely firming up of interest rates, weakening of rupee, et cetera. The lending landscape remained competitive with sustained focus on improvements in asset quality and prudent underwriting standards. The sector also continued to witness challenges in certain unsecured segments, particularly microfinance, albeit early signs of recovery. Gold prices remained supportive during the quarter, reinforcing demand for secured lending products such as gold loans, which continue to offer liquidity, flexibility, and lower risk. Against this backdrop, our approach remained consistent, protecting asset quality and ensuring sustainable growth. Through the quarter, we also observed sustainable growth in our gold loan portfolio, with AUM improving subsequently after a softer phase earlier in the year while competition remained elevated. Higher growth, higher economic activities, rural demand, shift in the consumer spending pattern has supported our gold loan disbursements. Across segments, trends remain divergent. While gold loans is largely instrumental to our growth, microfinance is still in a recovery phase with a modest AUM expansion and improvements in asset quality. The housing finance business remains stable. The portfolio growth is muted. We remain focused on asset quality, operating efficiency, and risk-adjusted growth. We are taking a cautious stance in microfinance, aligning expansion with improvements in collections and borrower leverage, while continuing to scale other segments prudently. Looking ahead, we expect steady momentum in gold loans fueled by consumer demand. Along with this, our diversified portfolio will enable a balanced and resilient growth. For Q4 FY 2026, Manappuram Finance delivered a strong performance with growth anchored by our core gold loan business and supported by disciplined risk management across portfolios. Consolidated revenue for the quarter stood at INR 2,614 crore, reflecting YoY QoQ growth of 10.7% and 11% respectively. Profit after tax stood at INR 405 crore. For the full year FY 2026, we reported revenue of INR 9,409 crore, PAT of INR 993 crore. Our capital position, liquidity buffers, and provisioning coverage remains strong, providing resilience and flexibility as we move into the next financial year. Gold loan business, the core strength for gold loan segment, continued to demonstrate strong momentum in Q4, reaffirming its role as the cornerstone of our business. Gold loan AUM stood at INR 50,953 crore, registering 99.1% year-on-year and 31.5% quarter-over-quarter. The segment continued to contribute the majority of our consolidated AUM and earnings. Asset quality in this portfolio remains robust, supported by conservative LTV norms, frequent monitoring, and strong operational controls. Introduction of the new lending against gold collateral guidelines of the regulator has enabled us to broaden our product offering in a structured manner. We have introduced consumption loans catering to the household and personal financing needs and income-generating loans designed for small business and livelihood purpose, allowing us to serve the differing needs of our borrower base more effectively. Each of these products operate within defined guardrails on LTV, tenure, and customer eligibility. These are new regulations requiring credit assessment of the borrowers will improve our customer due diligence, resulting in lower delinquencies, cross-selling of other products to our customers, thereby improving their welfare. Co-lending partnerships provided a further origination channel, extending our reach to geographies where we have limited presence. We have also continued to invest in digital capabilities, analytics, and process efficiencies, which are enhancing customer experience, improving turnaround times, and driving productivity gains across our branch network. Asirvad Microfinance continued to operate in a cautious environment during Q4 FY 2026. The strategic actions we initiated over the past few quarters, including tighter underwriting, calibrated disbursements, strengthened collections, and geographical optimization, are beginning to yield gradual improvements. We expect the business to stabilize progressively with a sharper focus on sustainable growth and improved risk-adjusted returns. Across vehicle finance, the MSME, and the allied lending and affordable housing finance, we are pursuing a calibrated growth strategy that prioritizes risk-adjusted returns over volumes. Underwriting standards have been tightened, exposure in select segments have been moderated, and collection infrastructure have been strengthened. These segments witnessed a moderation in portfolio levels, reflecting a calibrated approach that prioritizes portfolio quality and profitability over aggressive expansion. Asset quality continues to remain the key focus area. Consolidated GNPA stood at 2.14%. Provision coverage ratio remained at 27.34%. While stress persists in certain portfolios, our secured book continues to perform strongly. Our balance sheet remains healthy. Capital adequacy at 21.3%, well above the regulatory requirements. Strong liquidity position with diversified funding sources across banks, capital markets and securitization. We continue to maintain a conservative positioning stance and closely monitor early warning indications across businesses. As we enter FY 2027, our strategic priorities remain clear. Strengthen leadership in gold loans through scale, technology and customer-centric innovation. Accelerate stabilization of microfinance and other micro-lending segments with a strong focus on asset quality. Maintain balance sheet strength with a disciplined capital and liquidity management. Enhance operational efficiency through digital adoption and analytics. Continue proactive regulatory engagement and uphold best-in-class governance standards. While near-term challenges persist in certain segments, we remain confident in the long-term structural opportunity in secured lending, particularly gold loans. With our strong brand, extensive distribution network, and disciplined execution, we are well-positioned to deliver sustainable growth. I would like to thank our employees for their dedication, our customers for their continued trust, and our investors for their unwavering support. We remain focused on building a resilient, future-ready franchise while delivering long-term value to all stakeholders. With that, I will now hand over the call to our Group CFO, Mr. Buvanesh Tharashankar, for a detailed financial performance statement. After which we'll be happy to take your questions. Thank you. Thank you, V.P. Nandakumar. Good evening, everyone. Thank you for joining us for the discussion on our financial results for the last quarter and year ended March 31, 2026. Our consolidated AUM for Q4 FY 2026 was INR 63,798 crores, up 22.4% sequentially and higher by 48.3% year- on- year. Gold continued to be our key growth driver with an AUM of INR 50,953 crores, up 31.5% quarter- on- quarter and higher by 99.1% year-on-year, supported by the gold price and strong customer demand. Gold loan business constitutes 80% of the consolidated AUM versus 59% in the prior year. Consolidated PAT before OCI and minority interest was INR 405 crores for quarter four, which was up by almost 70% quarter on quarter. For FY 2026, our consolidated PAT before OCI and minority interest was at INR 993 crores, down 17.5% year-on-year. Coming to the standalone business, our standalone AUM, MAFIL, for Q4 FY 2026 was at INR 55,952 crores, up 26.6% sequentially and 69.4% year-on-year. Gold loan AUM in standalone business was INR 48,814 crores, up 31.4% quarter-on-quarter and higher by 98% year-on-year. Gold constitutes 87.2% of our standalone AUM versus 75% in the prior year. For the quarter, our standalone PAT before OCI and minority interest was at INR 376 crores, marginally down 1.5% sequentially and about 9.4% year-on-year. Standalone PAT included impact of a one-time write-off on vehicle loans amounting to INR 84 crores. For the year, our standalone PAT before OCI was INR 1,525 crores, down 14.5% year-on-year. Standalone GNPA as on 31st March 2026 was at 1.81% versus 2.61% during the previous quarter, and the credit cost in the standalone entity for the quarter was 1.2%. Standalone borrowing cost has gone down by 17 basis points in Q4 FY 2026. Coming to the gold loan business. During the quarter, we were able to add 3.16 lakh new customers and outstanding number of customers stood at 25.2 lakhs. Tonnage grew by 3.82 tons in Q4. Our average gold loan LTV was at 57% in Q4 FY 2026, and the online gold loan book accounts for 92% of our total gold loan book. Coming to the microfinance business, positive trends emerging in Q4. There was a growth in the MFI AUM of INR 176 crores during the quarter. Disbursements closed at INR 1,086 crores versus INR 680 crores in the prior quarter. The new book constitutes approximately 55% of the MFI portfolio as at March end. Asirvad AUMs stands at INR 6,794 crores, which includes gold loan AUM of INR 2,139 crores, up 11.9% QoQ and down by about 17% YoY. PAT before OCI was at INR 13 crores in Q4 FY 2026 versus loss of INR 156 crores in Q3 FY 2026. Adjusted for one-offs, losses were flat quarter-on-quarter. GNPA is at 4.85% with net NPA at 1.6%, down sequentially, versus the prior quarter. Asirvad CRAR currently stands at 20.2%. Coming to the vehicle finance business. In vehicle finance business, we have reported an AUM of INR 2,991 crores. It's down 16.8% quarter-on-quarter and 37.3% year-on-year. The focus in the vehicle [inaudible] to several actions, including having separate collections teams handling soft and hard buckets, focus on digital reminders, improve match clearance, and focus on match bounce collections to improve current bucket resolutions. Total GNPA showed a slight improvement sequentially. GNPA percentage AUM was at 10.4% versus 13.7% in the prior quarter. Loans to MSME and allied businesses stood at INR 3,351 crores with a disbursement of INR 254 crores in the current, in Q4. GNPA was at 7.1% versus 6.1% in the earlier quarter. The home loan business, with a total book of INR 1,852 crores, was down 2.6% quarter-on-quarter, but higher year-on-year by about 1.5%. The board has declared an interim dividend of INR 0.50 for this quarter. Company is well-capitalized with a capital adequacy ratio of 21.32%, and consolidated net worth stood at INR 16,051 crores as at March 31, 2026. Book value per share stood at INR 1.709. We can now go for the Q&A session. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Piran Engineer from CLSA. Please go ahead. Hi, team. Congratulations on the quarter. My first question is for Bindu. Out of the INR 215 crore standalone provision, how much are for gold versus non-gold? Can you break that up, please? Okay. I'll share the exact details separately, but majority of it is from non-gold only. In that, if you see the notes to accounts, almost INR 136 crore is the write-off the vehicle finance book. That has elevated the bad debts in this quarter. Okay. You said INR 136 crore write-off? INR 136. Okay, okay. I think in the opening comments I heard INR 84 crore one-time write-off. Was it INR 84 crore is one-time and INR 50 is business as usual? Is that the interpretation? Yeah. Out of INR 136 crore, INR 84 crore is net of provision. Okay, okay. Net of provision. Okay, understood. Secondly, when you all disclose your gold loan average ticket size of INR 1.27 lakhs, that's on disbursements or on AUMs? AUM. AUM. Okay, fair enough. Thirdly, I wanted to understand this LTV thing. Gold prices are up 8% QoQ, 8%-9%. Your tonnage growth is 6%-7% QoQ. If my LTV is stable, AUM growth should be 14%-15% QoQ, not 30%. What am I missing here? Has the LTV gone up or what's wrong in the calculation here? The gold price increase is around 20% during the quarter. Yes. 8%, 7% tonnage growth, and the total growth is 13%. Sorry, you're saying from 20th December, sorry, 30th, 31st December to 31st March, you're saying 20% gold loan growth? Gold price. Gold price, yeah. Are you taking an average of some periods? This is on an actual basis. Average, the actual gold loan price has gone up by 20%. Okay. Okay. yeah, okay. That's it from my end. thanks and wish you all the best. Thank you. Yeah, operator, I'm done. Yeah. Next question is from the line of Zhixuan Gao from Schonfeld. Please go ahead. Hey, am I audible? Yes, please go ahead. Thank you for the opportunity. I just want to understand how should we look at profitability versus growth? If I look at either QoQ or year-over-year, our AUM on a same loan basis have grown materially, the profit is down year-over-year and year-over-year. Despite a 70% year-over-year AUM growth, our profit is down year-over-year. How should we think about, you know, the trade-off between growth and profitability going forward? If you see the PNL. Mm-hmm. The NIM improved during the quarter. The main impact is on account of higher provisions, especially from the non-gold portfolio. That impacts profitability. Otherwise, if we adjust this one-time write-off, our profit would have been INR 40 crore. Got it. On the Asirvad this quarter our credit cost is almost minimal. How should we think about the credit cost here for FY 2027? Yeah. The credit cost has improved primarily on account of enhanced collection efficiencies, and it also been complemented with an increase in our book. As in the opening remarks you would have heard that, the, you know, the rundown is reduced from how it was going in the previous three quarters. Last quarter we've increased our book and simultaneously increased our collection efficiencies. That way we've had our credit cost in control. And to add- How should we think about? Yeah. Yeah. Uh, so- How should we think about FY 2027? 'Cause I don't know whether the fourth quarter credit cost is your sustainable level because it's almost close to zero, right? Crores. Yeah. Completely sustainable. Okay. I just want to understand why is there positive ECL revision change in the fourth quarter for Asirvad, you know, given that, you know, generally in the industry we see negative ECL revision model change because of the, you know, a tougher environment in the trading 12 months. I'll take that. Asirvad Q4 profit of, I mean, the provision was about INR 9 crores, was largely on account of certain MTM credits that we got on the security receipts. And the change in terms of the ECL provisioning that we took on the new pool. Because the new pool is performing significantly better than our best performing cohorts that we had in our portfolio. And basically, therefore, you know, we took a writeback on the provisions, especially on the new pool. The impact of the MTM change and the ECL contributed to a much lower provisioning in the fourth quarter. How much is the MTM change plus ECL provision altogether? MTM plus the ECL change on a pretax basis is about INR 128 crores. Post-tax it would be about INR 96 crores. Sequentially, if you look at quarter three versus quarter four, and given that there was some noise in Q3 as well, adjusted PAT for Asirvad Q3 versus Q4 was approximately around INR 100 crores loss sequentially Q on Q. That's very clear. Just one last question on that. On the previous quarter, third quarter slide, your impairment of financial instruments or the provision cost on Asirvad was INR 214 crores. 217, sorry, INR 217 crores. It seems to become INR 249 crores on the, on the slide, for the fourth quarter. Just want to understand the difference. Sorry, I didn't get that. Yeah. The reduction in... So- We will get back to you, offline. Yeah. You just to clarify your question, you wanted to know if there was a reduced provision being taken in the fourth quarter? No, no. no. We're talking about the Asirvad third quarter impairment of financial instruments. Your credit cost was INR 249 crores, right? That's correct. third quarter slide. In the previous quarter slide, the number was 217. 217. Just want to understand what's the difference. We'll have to get back. Yeah, we will get back to you. Thank you so much. Thank you. Next question is from the line of Shreepal Doshi from Equirus Securities. Please proceed. Hi, sir. Thank you for giving me the opportunity, and congrats on a good quarter. My question firstly was on the MFI portfolio. In that segment, what is the current bucket collection efficiency? Also wanted to understand what is the ECL 1, 2, and 3. While we do give gross stage 1, 2, 3 for that franchise, but also wanted to know the ECL 1, 2, 3 percentages. Okay. Yeah. For the stage 1, it's at 1.47%. For stage 2 it is 19.24%. For stage 3 it is 68.50%. Okay. Got it. Sir, what is the ex-bucket collection or current bucket collection efficiency for the franchise or for the microfinance portfolios? Overall for the both the new book and the old book put together, it stands at 95%. That's for the, you know, that's for the old and the new book put together. If you look at the new book collection efficiency alone, Mm-hmm. which in the opening remarks it was said it was at 59%, which is our current, old book. We have a, an astounding percentage of 99.41%, which is the collection efficiency in the new book. In new book you said it's closer to 59% of the portfolio. That is right. Got it. Got it. Right. Sorry. Yeah. Yeah. New book is 59%. Yeah. old book is 41%. New book is 59%. Got it. Got it, sir. The other question, sir, was on the gold portfolio. In that now we have this LTV monitoring as a new regulation, as a requirement of the new regulation. What are the changes have been made to adhere to that guideline? The new regulation applicable from April 1, 2026, and we are adhering to the regulation. Based on ticket size interest accrued for the contracted period will also be added. That will be the loan amount. There are two types of loans, consumption income, consumption loans and income generating. There will be a credit assessment in case of high-value borrowers. We have implemented this since April 1, 2026. For, for the, for a customer who is, you know, who is highlighting that he will be making a bullet repayment, in that case what is the LTV that we are sort of giving at the time of disbursement? There will be a reduction in the LTV because, in the new, under the new regulation we have to factor the interest accrued. Right. It is his option to choose the tenure. If his preference is a better LTV, he can choose shorter tenure products also. Sorry, he can choose the last point. Sir, three-month scheme or six-month scheme, is also available. Okay. Okay. Got it. Got it. What is the incremental yield for the gold business? We continue to see the net yield for the portfolio or for the standalone business has been coming off. Have we further taken a price change in price strategy downward? Last quarter, there was a dip of almost 100 basis points. With that, I think it is the bottom, and this quarter it will be similar or slightly better. All right. Incrementally we have not taken any policy, any price strategy change, but at a book level that is where we are in terms of reduction. Yeah. Got it. Thank you, ma'am. Thank you so much for answering my question, and good luck for the next quarter. Thank you. Thank you. Next question is from the line of Rohit Ahuja from Lotuslion Venture. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, could you clarify what's the quarterly profit or loss numbers for Asirvad? In Q3, excuse me, Q3 Asirvad reported INR 156 crore loss and Q4 it is INR 13 crore profit. I think the one-time adjustments or bonus are already explained. The new portfolio behavior is much better and the ECL is adjusted accordingly and there was a write back from the ARC evaluation. Against INR 249 crore Q3 impairment of financial instruments this quarter stands at INR 9 crore. That helped us to report a profit of INR 13 crore for Asirvad in Q4. Okay. If you could help us understand how much of this improvement is driven by structural factors like, you know, new book mix and collection efficiency versus any one-off reversals? How confident you are in sustaining profitability on this over the next few quarters? Yeah. As I explained, I'll just once again give you a brief, I think this question will come up again. Our new book stands at 59% of our overall book, our old book is at 41%. The overall collection efficiency for the total book stands at 95%. If I were to look at the old book separately and the new book separately in my X bucket for the old book, which is 41%, in the old book itself in my X bucket is 98.65%. In my new book, which is 59%, my X bucket collection efficiency stands at 99.83%. If I were to take the overall collection efficiency for my new book, the reason I want to stop talk about this new book again is because as I'm talking to you at every quarter, my increase in the new book is gonna go such that by the beginning of the third quarter, I would have got rid of almost the entire set of old book, save for about 10% which might be remaining. From the third quarter you're looking at an entire pristine book governed entirely with the MFIN guardrails and the collection efficiencies standing at, if I'm standing at about 99.4% in the overall new book, this will reflect something similar in the entire book post two quarters as well. These are things which is going to be helping us in ensuring that our, you know, our profits can be maintained whilst ensuring that our disbursements also keep moving up. Our disbursements both in MFI and our AUM increase in gold, because that's something which we tend to forget quite often because we have also a very good performing gold loan book in the Asirvad books. More than INR 2,000 crores of my book is actually gold as well. Those ups in my business in both gold and MFI will continue to help us in, you know, ensuring that our profits are maintained. With regards to our, you know, our liquidity to ensure fund flow is there because now the problem is not about building a book, the problem is also not about ensuring our collection efficiencies. Proof of the pudding, you have seen it already. Liquidity is by and large something which the industry would be talking about. The recently announced CGFMU scheme, we have banks chasing us, asking us how much do you want us to lend to you in that particular CGFMU scheme. At this moment, we are spoiled for choice. We will be choosing two, three banks that we will want to ensure our liquidity is taken care of as well. Thanks, sir. The last follow-up on this. Do we expect on a consolidated basis, our ROEs improving to 13%-14% over the next two years? If you look at the way the business is going, I wouldn't be, you know, I wouldn't be able to give you a spot on answer for that, but the trends definitely show. Consolidated Good results. We are expecting the consolidated ROE to improve because the gold, we are growing our OPEX. The it was the last one year has come down by 2%, OPEX to AUM. The borrowing costs, yes, at this stage is as you have heard, last quarter it has come down by 17 basis points. Yeah. We don't expect any increase, much increase in the overall borrowing costs and the yield is expected to remain at this level of 17.5%-18%. The NIM we expect to be maintained at this level will definitely improve the profitability. Gold we are continue to grow at a more or less at the pace of better than the pace of last year now. Things are on, we expect to stabilize somewhere around sort of 13%-16% in the next one or two years' time. Thank you, sir, for this. All the best. Thank you. Next question is from the line of Rajiv Mehta from Yes Securities. Please proceed. Yeah. Hi, good evening. Thank you for good numbers. Sir, any thoughts or any steps taken to pull back the gold loan yield because I think we have seen a consistent fall in this quarter also we saw further fall. Have we taken any corrective actions in terms of, you know, slightly adjusting pricing from March, April onwards? Second is the mix of the gold loan book in terms of ticket size. Can we control the mix so that we don't have further dilution of the yield? Can we have that control over how the growth, incremental growth will compound in terms of the ticket size mix? I'm just wanting to understand how the yield will play out based on the action that you're taking on the ground. We expect the yield to remain, so between the 17.5%-18%. We believe that it will not go down. The strategies are, taken, shaped in such a way that to maintain at this level. It will not go down. Sir. It will not go down. You are getting a lot of growth from the higher ticket sizes at the lower rate. If you don't control that growth on the ground or if you don't rate, increase the rate, how would the yield stay at the current level? Yeah. We are targeting the lower ticket size also, so it is improving. The trends are even in the coming quarters, we will see that the trend remains at this level. What I can tell you or what our expectation is the yield somewhere stabilizing between this 17.5% to 18%. Okay. On the asset quality in the non-gold businesses, just wanting to understand where are we in terms of the cleanup cycle and are we seeing structural improvements now, especially in the vehicle finance book, if I were to remove, you know, the write-off of INR 136 crore and still there's a reduction of gross NPA. I mean, can you just give some color about, you know, over and above write-off the NPA reduction that we have seen? Have you taken control of, you know, NPA resolution? Have the flows, you know, stopped, you know, from the intermediate buckets into NPA? Can you give that confidence? Second is also in case of housing, we have seen, you know, reduction in NPAs. Is there any structural factor there? Third is MSME and allied portfolios, we've seen an NPA increase. How are we controlling the situation there? Do we, would we need to do some write-off one time in the coming quarters in MSME and allied portfolio, just like what we did in vehicle finance in this quarter? I'll take that. As far as vehicle was concerned, we had taken the one-time write-off in this quarter. There are a number of steps that we have taken in the vehicle finance business, in terms of, you know, focusing on collections. One is in terms of the enhancements of the teams into soft bucket and hard bucket. There is, as I covered earlier also, there is a lot of focus on the digital route, especially on, you know, the follow-ups on the match collections and in terms of focus on the match bounce cases. There's a lot of focus around that. Due to all these actions which were initiated sometime in Q3 of last year, we've seen a sustained improved trend. We see both in terms of, you know, the collection efficiencies and, you know, the collections on the match bounce cases going up from 75% to 90%. Overall, you know, as you said, you know, adjusting for the write-off also, there is a marginal decline as far as the GNPA is concerned by about INR 50 crores. As far as, you know, flowing to NPA is concerned, what we have observed in the last few months is broadly flat. Our NPA, GNPA is broadly flat in terms of the overall stock. Yes, you know, from a percentage standpoint, obviously there is amplification because my overall AUM is coming down. The stock of NPA is essentially, you know, flat. There are further actions that we will take and that will kind of play itself out in the coming quarters. That's as far as, you know, the vehicle finance is concerned. On the home portfolio, Rajesh. Hi. See, we continue to monitor the portfolio closely, leveraging on early warning system, data analytics. We have also identified stress accounts sooner, and we are taking corrective steps to curtail that. We have, you know, intensified recovery efforts through dedicated team. We have also hired collection agencies in few locations and faster legal escalation, structured one-time settlement in difficult accounts, you know, wherever it's appropriate. We expect slippages to moderate over coming quarter with a gradual improvement in overall efficiency, collect, asset quality. Similar action in allied portfolio? Yeah. On the MSME and allied portfolio also, you know, similar kind of actions are being initiated. We will see the results, the improvement in the numbers in the subsequent quarters. You know, in terms of enhanced, you know, collections team, there's a lot of focus in the non-gold portfolio with regards, you know, the enhancement of the collection team and leveraging of, you know, the digital means to improve collection efficiencies. The trends will play out. Early reads on these trends are very encouraging. They're moving in the right direction. We will see sequential improvement as we see in the coming quarters. I mean, if I were to look at this quarter's absolute credit cost, I mean, you had a benefit of, you had a one-time impact of INR 84 crore because of the write off in the vehicle finance portfolio. You also had the benefit of, you know, SR write-backs and, some other kind of a write-back in the Asirvad portfolio, which was about INR 120 odd crore. If I were to eliminate both, would it mean that the current runway of credit cost should be maintained, right, in Q1, Q2? Of course, the growth of the book will obviously have its impact. Otherwise, on a collection, and recovery effort basis, the current runway of credit cost should be maintained. See, the way I would look at it, I mean, if it depends on whether you're looking at Consol or, you know, a standalone MAFIL. No, Consol net of number, yeah, of all the ones. Yeah. I think Consol, so for Q4 Consol number, if you look at, you know, yes, there were, you know, credits that we got on the Asirvad side offset by, you know, the build on the one-time write-off on the vehicle finance largely canceled out each other. Mm. You know, if you were to back out, these two elements, adjusted PAT, we still had a improvement in our adjusted PAT by approximately INR 50 crores quarter-over-quarter. That was largely on account of, you know, the volume growth that we saw on MAFIL v olume. coming quarters, you know, one thing, you know, what as, you know, Manoj had just alluded on in terms of the improved numbers and the change in the portfolio mix on old versus new on MAFIL. We will see continued improvement on the Asirvad portfolio. You know, we will see continued improvement in the non-gold portfolios as well. Overall, if you see sequentially, I think, you know, the cost of credit, we will see an improvement in the subsequent quarters. That will basically help in terms of accretion as far as PAT is concerned. Thank you. Thank you [inaudible] Thank you. Next question is from the line of Kamal from Jefferies. Please go ahead. Hello sir. Thank you for the opportunity. I just wanted to confirm that, is there any restatement done in the interest income line? Because if I'm comparing the same with the release of December, I can see some INR 100 crore restatement done for Q3. Could you please advise on the same? Bindu You're talking about Consol financials? Yes, Consol Financials. In the Q4 release, I'm able to see the interest income as INR 2,304 crores. But in the last quarter's release, it's roughly INR 2,244 crores. There is some difference if which I'm able to see. Is there some restatement being done? Yeah. I will share the exact details offline, but there is some regrouping. Okay. Cool. Thanks. Secondly, like if you could just guide on the overall Consol AUM growth, which we are planning for FY 2027, and how much would be driven by different segments. Like, how much should we expect from gold loan and how should we see the Asirvad AUM growth for FY 2027? We are seeing good opportunities to grow gold loan because now with the new regulation, two types of products, consumption loan as well as income generating gold loan. Income generating gold loans are targeted towards some other means, et cetera. Which gives a good opportunity where there is no LTV cap for good customers with good underwriting, higher score, et cetera, certain underwriting score, et cetera. We'll be able to offer slightly higher LTV. Another scope for this year would be to expand our branch network. We planned because recently the regulation has removed the requirement of prior approval for regulatory approval for opening new branches. That has been removed now. We plan to open some 500-550 branches in gold loan during this year. The places have been identified where the growth prospects are good. This also will be a boost for the gold loan growth. Regarding our other portfolios, already the CEO has already explained the growth has in the microfinance already it has been mentioned by Manoj. The disbursement, quality disbursements with the guardrails, it is steadily improving. Where the asset quality collection for this new book is steadily increasing. Which has come to now 59%. In another one quarter, Manoj's expectation is that. 78%. Yeah, 78%. In that the collection efficiency stands above 99% and hope to maintain that with the guardrails, et cetera, et cetera. This definitely gives scope for improving that. As Rakesh also has said, some actions have been taken for the shifting from the micro home to, you know, the slightly larger ticket affordable housing. The teams have been onboarded for, with the shift in the focus area of lending, the asset quality is expected to be good. With all these, we expect the overall control AUM to grow at a reasonably good level. We expect that to be maintained much more than the during the current year with regard to volume. That is our expectation. Okay, sir. Thank you so much for that. I'll take the details of the restatement offline, from you. Thank you so much. Sure. Thank you. Next question is from the line of Hardik Dara from Growmore Credit Advisory. Please go ahead. Yeah. Good evening, sir, and thank you for taking my question. Just wanted to, you know, understand the going forward guidances in terms of AUM growth, AUM mix, and you know, what are the ROA, ROE profiles that we are targeting for the next two years. That is already, sir, told. With the opportunities with our new gold lending norms, et cetera, new products are coming in. We will place our products. We are opening branches also. About microfinance also, it has, the asset quality is steadily improving. Their gold loan portfolio is also improving. They are also targeting more and more quality. Similarly, with the product shift, et cetera, Home finance also, is expected to fare well. As I said, this year's volume growth in gold loan will be, is expected to be more than what we have achieved during last year. For other products also, the new face has come. The new leadership has taken the charge. Who have the expertise for a quite a long number of years in leading large companies, et cetera. We expect that growth to be good. We don't give any number, but we expect that to be good. Got it. Okay. Thank you so much. Sir, any number for the, you know, FY 2028 ROA, ROE that we are targeting? We are targeting over 15%. Okay. Sure. Thank you so much, sir. Thank you. Next question is from the line of Prithviraj Patil from Investec. Please proceed. Yeah, hi. I just had one question. I just wanted to know the option number for this particular quarter. About INR 29 crores. INR 15 crore during the quarter. Okay. Thank you. Thank you. Next question is from the line of Agam from Agam Investments. Please go ahead. Thanks for the opportunity and congrats on a good set of numbers. You mentioned one point that new leadership has come in. Can you talk about that? Which areas has we have new persons have come in? Second question was, is on the status of Deepak Reddy. Is he planning to join in early or how is it? If you can just, you know, talk on that also. Two things. Deepak Reddy is undergoing treatment in Singapore. We are not very sure when he will join, but his health is improving. We are not able to say when the exact time of his joining. Regarding the leadership team, new leadership, et cetera, in microfinance, Manoj Pasangha has taken the charge as the CEO. Similarly, for in Home Finance, Mr. Rakesh Sharma has taken the charge. They have long experience in running large portfolios, et cetera. The actions taken by Manoj is the positive results are already evident. He has taken the charge three months back. In the next one year, you can expect dramatic change. Similarly is the case with Thyagesh also, to in leading Manappuram Finance. Okay. Any, anyone else? Are we also considering if Deepak Reddy- At the group level, Buvanesh has joined as the Group CFO. Similarly, Ashish has joined as the Group CCO. There is Sanjay Nambiar as the Group Legal Counsel. Srikanth as the COO. We expect more, some more leadership to join for the positions of HIA and Head of Risk, et cetera. Collection Head has also joined. Collection Head has joined in Manappuram Finance. CTO also have joined. These are all senior leadership who has proven their capabilities to leadership in their previous organizations. Okay. Just the last question. If Deepak Reddy appointment gets, you know, comeback gets delayed, are we looking at anyone else to fill in the role or something like that, or we'll just wait it through? No, we will wait for his to see his health is improving. Also, he'll be able to take up the charge. We are hopeful that he'll have the healthy situation to take on the charge of the company. Okay, okay. Thank you. Yeah. Thank you. Next question is from the line of Yash Bhandari from Neo Markets. Please go ahead. The line from the current questioner got disconnected. Ladies and gentlemen, with that, we will end the question and answer session. I now hand the conference over to the management for the closing comments. Thank you for your questions. I hope we have answered your questions. Any clarification, any details required, so we are available. Thank you. Thank you, sir. On behalf of Manappuram Finance and Motilal Oswal Financial Services Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.